I recently landed a Sr. analyst position at a large REIT in a secondary market. Thanks in a large part to the advice I got on WSO - Thank you (especially @CRE" and @RE bootcamp" )!
My question... I drive an old SUV, not junky, but definitely old (15 years) mainly because it still runs and I prefer to put my money elsewhere. I haven't really cared what people think, until now (this is a huge REIT) so I'd love to know your thoughts. I obviously want to be perceived as polished and successful and am starting to worry the car detracts from that. If you saw a coworker or employee driving an old car, what would you think? Should I suck it up and get a new(ER) one?
Save your money and keep your car until it dies
If it flies, drives, floats, or fucks, rent it. I'm sorry what were we talking about in this thread, I forgot.
Oh right, keep the car.
Best friend is a VP at a PE. Drives his GF's old Prius to work. Do you.
The successful people I have met in the past have more respect for people whose confidence do not rest on their possessions. I will always have more respect for those who are smart, confident, and humble versus the ones who are so insecure and flaunt their entry level BMW/Mercs to get attention.
The thing is, people generally know how much you make based on your job and your age and most will tell you buying an expensive car is prob the worst way you can spend your money. So the fact that you own an expensive car is at best just a reflection of your poor financial decision.
Keep your car.
You can be smart and humble and still own a six figure vehicle, they are not mutually exclusive. Some people actually enjoy the performance on a daily basis and that is worth a great deal. Some people prefer to fly model airplanes or play warcraft games, that doesn't make them more humble or more secure than a guy who enjoys high end vehicles.
There is some feel the bern type commentary here masquerading as financial knowhow, its fucking disturbing
What everyone said, with the exception that if you were a subprime resi lender, I'd recommend you trade in for a metallic orange M5 on black rims, and you'd have to get frosted tips and move to Newport or Scottsdale
It says they're thrifty.
Look, the real cost of a BMW or some European sports car isn't the capital expenditure-- it's the maintenance.
My rusty Honda (ok technically it is a ford but it is rusty) is 16 years old. I spend about $700/year maintaining it. Everything on the vehicle that will ever have to be replaced besides the engine is now on some long term 20 year replacement cycle. I get a stomach ache when I think what an Audi or BMW would cost to maintain when it exits warranty.
I mean for the extra cost of maintaining an Audi I could probably afford to drink a bottle of Yellowtail every evening. I could own an extra motorcycle and a smaller boat. (Chicago slips start at $700/year). I could make two extra mortgage payments every year.
Look, if you really want a BMW or whatever, just do a $15 one hour zipcar rental. You can also rent a Ferrari or Porsche for an hour or two if you really want (I don't). They're not that exclusive. You know what's exclusive? Having savings. Making work an option, not a requirement. Not having a housing payment, and not worrying about Chinese and Russians turning your apartment into their next place to hide savings And I'd rather spend $2000 paying down my mortgage or sticking it into savings than spend $2000/year to drive a European sportscar I could always rent from Zipcar.
//end of rant
The biggest most balling broker I know drives a Prius
Fuck you for bringing back this stupid thread. Thought we'd put this shit out to pasture.